This content is not available in your region

India's Reliance denies report of bid for UK telco BT Group

Reliance Industries weighs bid for UK telco BT Group - ET
Reliance Industries weighs bid for UK telco BT Group - ET   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p> – Reliance Industries Ltd said on Monday it does not intend to bid for British telecom company BT Group Plc after a media report that the Indian oil-to-telecoms conglomerate was considering an offer.</p> <p>Billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the Economic Times reported https://bit.ly/3xFpsAj on Monday, adding that the firm may also propose to partner with BT’s fibre optic arm, Openreach, and fund its expansion plans.</p> <p>“We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless,” Reliance said https://bit.ly/3EaFiFK in a stock exchange filing.</p> <p>Reliance’s shares, which rose as much as 3.6% earlier in the day, closed 1.2% higher at 2,441.50 rupees.</p> <p>BT declined to comment on the media report.</p> <p>India’s telecoms market, one of the world’s biggest, has been upended by Ambani-controlled Jio Infocomm, which launched with free voice and cut-price data in late 2016.</p> <p>Ambani has forced several rivals out of the market while others such as the local unit of Britain’s Vodafone and India’s Idea merged to withstand Jio’s onslaught.</p> <p>In September, Reliance was outbid by a consortium of Apax and Warburg Pincus for control over a Dutch unit of T-Mobile.</p> <p>Reuters reported last week that Reliance and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of Reliance due to valuation concerns.</p> <p/> </div>